As we step into November 2023, the Indian government emerges as a diligent steward of agricultural prosperity, incurring an expenditure of nearly 78% of the fertiliser subsidy budget, with a whopping INR 1,35,995 Crore utilized. The strategic disbursement includes an impressive INR 86,987 Crore for urea subsidies, constituting an impressive 66% of the urea subsidy budget, while the P&K fertiliser subsidies soar to INR 49,004 Crore, surpassing expectations at 111% of the total P&K subsidy budget. This financial acumen and commitment to fostering agricultural growth underscore the government’s unwavering dedication to nurturing the backbone of our nation—our farmers.
The Indian government’s proactive approach in revising the fertilizer subsidy budget for the financial year 2023-24 deserves applause, with the estimated increase now standing at an impressive Rs.188,947.29 Crores, surpassing the initial budget estimate of Rs.175,148.48 Crores. Notably, the substantial 37% surge in NBS, expected to reach Rs.60,300 Crores compared to the budgeted Rs.44,000 Crores, showcases a commitment to agricultural growth and sustainability. This strategic adjustment reflects a keen dedication to supporting the agricultural sector and ensuring a robust foundation for India’s agrarian landscape.